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Commercial real estate (CRE) is staging a comeback, but not the kind that lifts all boats to the same degree. Returns are diverging sharply across property types, geographies, and funds—exposing a market ripe for active alpha generation. Navigating this backdrop requires focused selectivity and the return of income as the dominant driver of CRE returns. Our experts will share their team’s much anticipated 2026 outlook, Inside Real Estate.
Richard Hill is a Senior Managing Director and Global Head of Research & Strategy for Principal Real Estate, the dedicated real estate group of Principal Asset Management.
In his role, he’s responsible for developing the house view on the state of the global CRE cycle, how it’s impacting valuations, and what that means for asset allocation decisions. He advises portfolio management teams across equity and debt, as well as public and private on investment strategies developed through a relative value framework. As leader of the real estate global research team, he oversees both quantitative data analytics and fundamental research that forecasts growth and returns for property types across global geographies.
Rich joined Principal in 2025 with 24 years of industry experience, most recently serving as Head of Real Estate Strategy & Research at Cohen & Steers Capital Management. Prior to this role, he was Head of Commercial Real Estate Research at Morgan Stanley where he was responsible for REIT equity research, CRE debt strategy, and macro property research. Throughout his career, he led real estate investment strategy and portfolio management, advising global institutional clients, developing proprietary valuation models, optimizing asset allocation, and driving thought leadership on market trends and innovation. He’s a regular commentator in print, radio and television regarding the commercial real estate market.
Rich received his Bachelor of Science in Business Administration from Georgetown University.
Erin Kerr is a Senior Managing Director, Head of Global Institutional Capital Raising for the Principal Asset Management Real Estate team. She’s responsible for working closely with the real estate portfolio management and distribution teams to raise capital for the firm's private and public real estate strategies globally. Erin joined the firm in 2018. Prior to her current role, Erin served as a Vice President of Business Development at Westport Capital Partners and also Tishman Speyer in Equity Capital Markets, raising capital globally for both funds and direct investment. She also previously sourced and underwrote real estate loans for both commercial mortgage-backed securities (CMBS) execution and balance sheet retentions for Eurohypo, AG and Citi Private Bank. She received a bachelor's degree in economics from the University of Rochester, School of Arts and Sciences.
Date: Wednesday, January 21, 2026
Time: 9:30 - 10:30 AM HKT/SGT (Hong Kong)
Dial-in Info:
- Dial-in Number: +1 (312) 248-9348
- Dial-in ID: 757701
- Dial-in Passcode: 7477
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In Europe, this communication is directed exclusively at Professional Clients and Eligible Counterparties and should not be relied upon by Retail Clients.
This discussion will cover general information only and does not take account of any investor’s investment objectives or financial situation and should not be construed as specific investment advice, a recommendation, or be relied on in any way as a guarantee, promise, forecast or prediction of future events regarding an investment or the markets in general. The opinions and predictions expressed are subject to change without prior notice.
Investing involves risk, including possible loss of principal.
Past performance does not guarantee future return. All financial investments involve an element of risk. Therefore, the value of the investment and the income from it will vary and the initial investment amount cannot be guaranteed.
Potential investors should be aware of the risks inherent to owning and investing in real estate, including: value fluctuations, capital market pricing volatility, liquidity risks, leverage, credit risk, occupancy risk, and legal risk.
Commercial real estate (CRE) investing carries several inherent risks, including those related to the economy, interest rates, market fluctuations, high upfront costs, and tenant-related issues like defaults or high turnover. Economic downturns can lead to decreased property values and increased vacancy rates, while financing costs, insurance expenses, and potential environmental or structural problems can also pose significant challenges. All these factors and risks can impact rental income and overall investment returns.
This material may contain ‘forward-looking’ information that is not purely historical in nature and may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the viewer.
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MM13826E-01 | 11/2025 | 4987786-112026